How to Get Help With an Overdue Mortgage in Toronto, Canada

With the economy still in a slump, keeping up with bills can get tough. With the mortgage crisis still affecting millions across the world, families are still suffering from high-risk adjustable mortgage rates that have turned into a hefty mortgage bill each month. Times are tough, but no one wants to lose their home. If you live in Toronto, Canada and have fallen behind on your mortgage payments, there are several financial options and programs available to help you get back in good standing with your mortgage payments.

Instructions

1

Refinance your adjustable mortgage rate with the government. With interest rates at an all-time low, the Canadian government is offering qualifying homeowners a government-backed five year fixed interest rate. This allows for a more stable and affordable mortgage payment for home owners paying mortgages that outweigh what their homes are actually worth.

2

Contact your local Catholic Charities USA for a list of programs that offer mortgage, utility and medical bill assistance. This organization provides assistance to all, regardless of religious, economic or social background, and has locations in Canada and throughout the U.S.

3

Create an account with the Modest Needs Organization and apply for a Self-Sufficiency Grant. The grant essentially makes payments to creditors on behalf of an otherwise self-sufficient individual or family for unexpected expenses. The maximum grant available under this program is either $1,000.00 or 7.5 percent of your household's verifiable annual income, whichever is greater. This program is available to people in Canada and the U.S. and can be applied to a host of expenses like mortgage payments, utility bills and medical bills.

4

Contact your local government to see if you are eligible for foreclosure mediation programs. Several programs have been set up for owner-occupied residential homes that receive a foreclosure notices. These programs put families in contact with attorneys, housing and mortgage counselors, so that they are informed of all financial options available to them.